The fateful day approaches: that of the arrival of the mobile Free. There is no filter in the individual but it is unclear the troublemaker telecom miss the fruitful period of Christmas, which generates nearly a quarter of handset sales this year.
Technically, the new operator is ready. Its network already exceeds largely 27% coverage, according to industry sources. A threshold that allows it to trigger the negotiated roaming agreement with Orange (the ability to take the Orange network) and open its service throughout France fast cash loans. Commercially, the teams are also in the starting blocks. Free Mobile has largely recruited and now grazes a thousand employees, including over 800 dedicated technical support. After two shops in Rouen and Troyes, a third scheduled to open within a few days in Angers.
No teletrack payday loans offer customers extreme speed in granting, approving and remitting cash advances to cater for any kind of unforeseen financial crisis.
After suffering a decline of more than 3% yesterday, the Paris Stock Exchange on Tuesday recidivism holiday. The CAC 40 began the session on a further decline of 1.89% to 3185.30 points before to increase its losses. He dives over 4% at 3142.59 points just Vanat noon. In its wake, the Dax in Frankfurt was down 3.37% and the FTSE-100 in London lost 1.71%. Milan plunged nearly 5%, while the Athens Stock Exchange falling more than 6.31%.
Greece is the main reason for this new diving indices. The country has placed his fate in the hands of the people by deciding to hold a referendum on the decisions of the European Summit of 26 October. "The will of the Greek people be binding on us," said Prime Minister George Papandreou, who will also seek a confidence vote in Parliament on the agreement on debt.They are again assailed by doubts about the debt situation in Europe. Operators including questioning the ability of banks to recapitalize. They also seek to know whether additional funds will be allocated to the European Financial Stability Fund (EFSF).
In short, "investors are becoming aware of the lack of details in the agreement reached at the EU summit last week," said Michael James of Wedbush Securities cashadvance. "Reports suggest that the plans for the EFSF were not easy to sell to China and Japan," commented on his side Patrick O'Hare of Briefing.com site financial analysis.In addition, "there is a growth problem, a very bad direction of unemployment, inflation at 3%, so no rate cut, and now Germany has a real growth in retail sales by 0.3% so she is not going to save the euro area ", listed his side Evariste Lefeuvre, an economist at Natixis. "Without real support of the economy, the Agreement on Greece will not have any real effect," said Michael James.
Manufacturing activity in China slows
Traders also expect the G20 to be held in Cannes Thursday 3 and Friday, November 4 for more information on the involvement of other countries in the European rescue plan. In an interview with Le Figaro, the South Korean President Lee Myung-bak has already ensured that his country will support the rescue of the euro area, "if necessary".
In this tense atmosphere, the euro lost ground against the greenback.
The government wanted to know the outcome of EU summit Wednesday evening, presented as crucial for the future of the euro area, prior to revise downward its growth forecasts. Despite the success of the meeting of the seventeen member countries of the euro area, which found the night of Wednesday to Thursday an agreement to stem the crisis at the moment on the Old Continent, the head of state n has been recognized that the Thursday night: the economy would not be up to expectations next year.
Until then, Bercy expected a GDP growth of 1.75% in 2012. But since the beginning of summer, the situation has deteriorated considerably. "For the sake of seriousness, we decided to lower our forecast to 1% next year," said Nicolas Sarkozy, who is aligned and the assumption by our German neighbor.And, near the line thickness, on the average forecast of economists (0.9%).
To keep the deficit targets despite this deterioration – and this is the top priority – must be found "6-8000000000" euros in savings or additional tax revenue next year, said Chief of the state.
Nicolas Sarkozy has asked Prime Minister Francois Fillon, with Valérie Pécresse (Budget) and Baroin (Economics), floor of the copy. And this new austerity program will be announced "in ten days," just after the G20 which takes place in Cannes.
What is certain is that "we must spend less on operating and investment to support growth (…).But calling for a tax harmonization with Germany, the president did not rule out the idea of raising the reduced rate (set at 7% across the Rhine at home against 5.5%) or the introduction of an intermediate VAT rate (between 5.5% and 19.6%) for products now subject to a reduced rate (catering, building …)
It announces clearly no "social VAT" – renamed "VAT antidélocalisation" to the UMP – hypothesis was raised in the procession of the tracks in the study. He implicitly endorsed the idea but has returned to the next presidential debate "in a few months."
However, companies should be tapped. Address the tax differential between multinationals and SMEs is a carrier. It is almost assumed that the new austerity plan will include a surcharge of corporate tax targeted at large enterprises.
Run for your lives! This is the response of the Greek youth graduated from the crisis and the stacking of austerity since early 2010. Examples abound. The Goethe Institute in Athens is facing a 70% increase in enrollment in German courses. A recruiting office in Northern Ireland offers young Greek, says Athens News, collect mushrooms or work in aquatic farms. A conference on migration to Australia by invitation only-recently gathered 1000 graduates (even though only 100 Greeks settled in the island-continent in 2010).
The Greeks want to leave their countries in crisis, but it is not seen in official statistics."Based on preliminary figures available, we observe no increase in emigration in Greece in 2010," notes Jonathan Chaloff, migration expert at the OECD, based on information provided by the U.S., Australian, Canadian or Swedish. "There is indeed a great desire to emigrate, but the obstacles are real: the language barrier, recognition of qualifications, etc..," Said he.
More border, more control
This is not the only reason why migration flows are difficult to perceive. "Young Greeks are mainly the countries of the European Union," Lois Labrianidis point, Professor of Economics at the University of Thessaloniki."But as there is no boundary or control, you can not count these departures." The researcher is a hint: the Greeks entered in the European Internet portal EURES CV exploded in 2011, reaching 15,500, two times the total recorded since its inception in 1993.
Young people fleeing a country they consider no future. "The dynamics of the labor market is worrying. The unemployment rate reached 16%, up 50% from 2010. And for young people is twice (30%), "notes Manon Domingues Dos Santos, migration specialist at the University Paris-Est Marne-La-Vallée. "In this context, the most qualified are the most mobile: they speak foreign languages and better meet the needs of labor in host countries."
The crisis accelerates a phenomenon of brain drain that affects Greece for at least 10 years.At the edge of recession, in 2007, already 12.2% of the most educated Greeks living abroad, or at least 876,000 people. This figure is just swell: already during this period, more than 4.5% of graduates were leaving Greece every year, according to figures compiled by Frédéric Docquier, a professor at the University of Louvain. This is much less than Portugal (over 12%) but almost twice as Spain, also in crisis countries. In comparison, only 1.31% of French graduates leave the country.
Herding phenomenon
View from the best-trained its elites to broader horizons, such is the fate of small countries like Ireland or Lithuania. "Greece, however, could prove to be a special case, said Frédéric Docquier. It is in near-bankruptcy.They may therefore develops a herd phenomenon: if the elites and the most qualified anticipate the crisis and with rigor, everyone will leave the country when you leave you too. "
Problem: well-trained elites are among the taxpayers most likely to pay high taxes. Leaving their country, they will not settle the affairs of the state. In the longer term, "the departure of more skilled threatens growth by detracting from the production of research and innovation," Manon Domingues Dos Santos is concerned.
Greece, which was over twenty years, between 50 and 70 years, a land of emigration, however, tries to take advantage of its diaspora. The government has proposed this year to Greeks abroad to finance its debt to the tune of 3 billion euros.
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The Deposit and Consignment Office now holds precisely 5.002% stake in Club Méditerranée, against 2% previously. Crossed a threshold in the financial management of the Fund that the judge attractive share price Club Med (13.40 euros, representing a market capitalization of 404 million euros, down 13% since the beginning of the year).
But the strengthening of the CDC, regarding the Club Med, a symbolic value. Between the public institution and the flagship of the French tourism, relations have always been close. In 2009, when Club Med was jostled by Bernard Tapie and various takeover rumors, the Deposit had dam, committing to purchase if necessary to a capital increase, finally buckled from other investors.Today, with 5% of the round, the CDC is involved in the consolidation of the company led by Henri Giscard d'Estaing.
Strategy carried out in several stages. Last year, the highlight had been the arrival of the Chinese Fo Sun, also a partner in the Club in the Middle Kingdom. The Deposit and Management of Morocco, also an industrial partner, is also installed in the capital. The French Caisse des Depots, for which tourism is a strategic activity, also maintains links with the business club, which it funds such as the site of Valmorel.
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Nicolas Sarkozy and Angela Merkel were to Sunday on the table all matters relating to the crisis in the euro area: Greece, Financial Stability Fund, recapitalization of banks … But rather than concrete decisions or announcements spectacular, the two leaders particularly wanted to mark the kick off of a hectic schedule that will take them to the Cannes G20 3rd and 4th November. "Europe will have solved all its problems," before that date, have hammered the President and Chancellor.
The next step should come from Brussels. The European Commission said Friday that it would present "in the days to come" proposals for a coordinated recapitalization, which should help to reassure markets worried about the resilience of the European banking system to the crisis. It could soon make its findings on Monday.The European Banking Supervisors (EBA) should also provide estimates of the impact of a sharp depreciation of the Greek debt on bank balance sheets.
With these data in the hands of the leaders arrive for summit of the European Union and the euro area provided 17 and 18 October in Brussels. They will then give a "clear signal" on the subject, said Angela Merkel. The idea is to display a "consensus" on the amount and schedule for building banks' capital. For we must recognize that, as regards the amounts, blur still dominates: the figure of 100 billion to inject capital is the most commonly cited, which is much less than 200 billion euros mentioned a few days ago even by the IMF free business cards.
The next step in the operational implementation of the European financial stability should have been ratified by all parliaments by mid-October: Malta decides before Monday Slovakia on Tuesday. Aid to Greece will be released.
"Acting quickly"
Throughout this long process, Europe should remain under pressure. In recent days, Obama has returned several times to the load on the resolution is too slow for his liking of the crisis in the eurozone. European leaders must "act quickly," pleaded the U.S. president, hoping that a "very concrete plan of action" would be presented.He believes that the crisis in Europe could have a "very real" in the United States.
For her part, Angela Merkel last week has dampened hopes for a reform of the international monetary system from the G20, saying the work on this subject will not be completed. But the Cannes summit will probably be enough to do with the subject of the European crisis.
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The news is reassuring. With a large majority, the Bundestag adopted the new rescue plan the Eurozone. If the vote was little doubt that the amplitude of the majority was still uncertain. According to AFP, German Chancellor Angela Merkel has won the support of its majority.
The new rescue plan foresees an expansion of European powers of the fire in the euro area, the Financial Stability Fund (EFSF), and increased its capacity from 440 to 780 euros milliarsd. "The German MPs have overwhelmingly demonstrated their sense of responsibility," responded the French Minister for European Affairs, Jean Leonetti, in a statement.
Of 611 votes cast, 523 of 620 deputies voted "for", said the chairman of the meeting Norbert Lammert. Only 85 deputies voted against and three abstaining.As expected, two of the three opposition parties, the Social Democrats (SPD) and Greens, have made their voices.
More importantly, 315 members of the coalition voted for the building according to the AFP and a Conservative MP quoted by Reuters. Clearly, Merkel would not have needed the votes of the opposition guaranteed high risk personal loans. This was not a foregone conclusion, the majority having spread its divisions, the previous weeks on this subject.
If the Chancellor had failed to gather his troops, the German government would have been seriously destabilized, fueling doubts about the survival of the coalition. Angela Merkel would have indeed been "made in Germany as a loser," said Holger Schmieding, of Berenberg Bank.
Germany is the eleventh country to approve the reform of the rescue plan initially set up in 2010 to assist countries in the euro area in need.Berlin, because of its predominant economic weight in Europe, will be the first contributor.
The vote of the Bundestag is the first in a series of three crucial. In the coming weeks, he will speak on a second plan of aid to Greece and early 2012, on a permanent rescue mechanism (MES) to succeed the EFSF.
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Greece:
In the aftermath of yet another meeting "for nothing" between the finance ministers of the euro area, said Baroin continue to trust in Greece. And, while 68% of the French disapprove of the increase in French contribution to the rescue of Greece, according to a poll Ifop. "Greece knows what she has to us, insists Baroin, invited the Grand Rendez-vous Europe 1-i> Tele-Le Parisien. We have said it, she has commitments, duties vis-à-vis its creditors, it has the requirement to provide answers. "
While Europe still can not agree to release the 158 billion pledged to Greece on July 21, Baroin announced that the European Stability Fund would be active in mid-October . "The agreement of July 21, expands the interventions of European fund, says he. It enables him to act in advance.This tool is good, just it is not yet implemented. We need the European Parliaments vote, and all Parliaments have given a date. " For him, this fund is not intended to please the Greeks but to save the euro.
Banks:
Former colleagues in government Fillon and Christine Lagarde Baroin do not seem to take the same position on the banks, now that the former Minister of Economy and Finance has been leading the International Monetary Fund. Three weeks ago, Christine Lagarde, sounded the alarm and called for "urgent recapitalization" of banks.
Europe 1, Baroin, sought reassurance, noting that "central banks assured liquidity to ensure any problems.This means that the question 'Are there any cash flow problems?', The answer is no and the question 'Is there a solvency problem?', The answer is no. We are not worried. " And to the question: 'Should we recapitalize European banks? "The finance minister said," They already recapitalize since 2008. They increased their capital by 50 billion euros, "said he.
Growth:
While the European Commission Thursday lowered its forecast for French growth to 1.6% in 2011, Baroin assured that the growth target of 1.75% this year was achievable. "We were on a line at 2%. It was fixed at 1.75% and we have reasonable grounds for regarding it's achievable. There will not exceed one euro in terms of deficit compared to what we have taken as a commitment. "
Budget 2012:
"Demanding".That's how Baroin defined the 2012 budget to be presented Sept. 28. While the opposition calls for a recovery plan, the finance minister was adamant. "I am convinced that a recovery would have an adverse effect in the current financial situation. In a long-term strategy, which should take us in 2013 to 3% deficit, we can not afford us the luxury to satisfy such demand, such as department or lobby, "he said.
Economic project of the Socialist Party:
Finally, the finance minister has been very critical of the socialist project. "The project of the Socialist Party fell.They need to throw in the trash, they must forget their plan to create jobs and increase public more than 50 billion taxes, "he said, saying the government side," It is not about one second of a general increase in taxes. "
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After two sessions of gains, the Paris Stock Exchange is divided into negative territory on Friday and so its losses widened in mid-session, the CAC40 index lost 1.28% to 3046, 20 points. London and Frankfurt follow with respective losses of 0.74% and 1.43%.
The banking sector raises again the concerns of investors. It emphasizes its losses from the statements of Christine Lagarde under which a liquidity crisis was not to dismiss as some banks needed additional capital. "This is the effect Lagarde. These statements primarily affect banks that are considered the least well placed in terms of capital ratios, "said one trader.
Result: mid-term, Societe Generale falling 6.66% to 18.21 euros and signed the largest decrease in the CAC.Behind her, Crédit Agricole loose 4.34% to 5.60 euros, Natixis 4.65% to 2.48 euros, BNP Paribas 3.77% to 31.01 euros and Axa 3.82% to 9.78 euros.
Obama's plan is not reassuring
Investors also unenthusiastic welcome details of the plan for employment unveiled by U.S. President Barack Obama in the night. He introduced a bill on the release of 447 billion dollars for the Americans out of unemployment. "This plan will give an electric shock to an economy that has stalled, will give confidence to businesses on the fact that if they invest and hire, there will be customers for their products and services," assured the U.S. president to members of Congress .
As in Asia this morning, traders seem to doubt the implementation of this plan. Its funding is already generating questions from Republican opponents could block a vote.Barack Obama urged them to adopt "immediately". The U.S. president also announced that it will issue on September 19 "a deficit reduction plan more ambitious."
As Wall Street yesterday, investors have also not appreciated the remarks of the President of the Federal Reserve on growth and jobs last night. The Fed "will do everything it can to participate in the return of growth and employment rates," said its chairman Ben Bernanke, minimizing inflation fears.This speech, however, feeds the assumption of a new effort of quantitative easing, which could be announced at the next meeting of the Monetary Policy Committee of the Fed, scheduled for September 20 and 21.
Inflation slows in China
Still on macroeconomic, Japan has this morning reported a decline of 2.1% of GDP in the second quarter 2011 annualized. This is more than the 1.3% decline initially estimated. The main factor weighing on GDP has been the decline in exports (-4.9% from January to March).
In China, rising consumer prices, the main barometer of inflation, which had accelerated in recent months, slowed slightly to 6 no teletrack payday loans.2% in August.Industrial production is she up 13.5% in August.
In France, industrial production rebounded 1.5% in July after a decline of similar magnitude in June, show statistics released Friday by INSEE. The budget deficit of the French government fell in late July to 86.6 billion euros, against 93.1 billion euros a year earlier, thanks to lower costs, said Friday the Department of Budget .
On the agenda are also on Friday, stocks of wholesalers in the United States. Are also expected in the afternoon, the first estimate of U.S. consumer confidence from the University of Michigan.
As for currencies, the euro hovers around $ 1.38, having dropped below the threshold for the first time in six months (1.3789 to 24:10 in Paris). Oil rises for its part, supported by a surprise drop in U.S. inventories.In early electronic trading, a barrel of "light sweet crude" for delivery in October gained 23 cents to 89.28 dollars per barrel of Brent North Sea crude for October delivery 21 cents to 114.76 dollars.
Values to follow
• TF1 (-6.73%), M6 (-5.10%) Bolloré (3.63%) Vivendi (1.49%); NextRadioTV (-1.28%)
Chains react in a disorganized to take control of Direct 8 Direct and Star, two DTT channels free of the Bolloré Group, Canal +. The subsidiary of Vivendi will have three DTT frequencies. Be as much as TF1 and M6 more than the group which, in addition to the namesake chain, has only W9.For this operation, fully financed by shares, a stake Bolloré group Vivendi.
• Total (0.62%) signed the second largest increase after Vivendi CAC40 (1.55%)
The Anglo-Dutch oil group Shell said Friday that oil was discovered off the coast of French Guiana, during exploratory drilling at about 150 km off the coast.
• Sopra (0.70%)
The group announced the takeover of Delta, specialized in banking software.The transaction is expected to close in early October 2011, will be financed from existing credit lines of business consulting, IT services and software.
• Pierre & Vacances (-4.30%)
The group, which operates much of the accommodation ski resorts, opened 369 new tourist residences furnished this winter.
• ArcelorMittal (-4.30%)
The group will close as of October 3 for an indefinite period and the second blast furnace at its site in Florange (Moselle), according to a union source quoted by AFP.
• EADS (-0.16%) on the second step of the podium
The group said on Thursday not want to use all of its $ 16 billion (11.45 billion euros) in cash for acquisitions.
Time to pay the bill has come. The Federal Housing Finance (FHFA) has filed Friday in New York a complaint for fraud against the banks it considers responsible for the subprime crisis. In the end, it is not twelve, as originally announced by the New York Times, but seventeen institutions (ten U.S. and seven foreign) that are affected by this complaint. Among them, the French bank Societe Generale.
Nearly $ 200 billion of securities
The FHFA criticizes all of these institutions have sold financial products backed by mortgages on the two parastatals of mortgages Fannie Mae and Freddie Mac, between 2005 and 2008. At the time, the banks had facilitated access to loans of U.S. households to recruit new customers and sell homes often too expensive betting on rising prices.The system had finally collapsed during the summer of 2008, taking with it Fanny Mae and Freddie Mac.
The FHFA estimate that the seventeen banks have concealed certain characteristics of the securities they sold, including lying about reality checks on the creditworthiness of borrowers households. "The complaints allege violations of federal law governing financial assets and rights (common law) in the sale of securities backed by residential mortgages designed by these institutions," said the FHFA.
All the losses by the two organizations, which then 40% of the outstanding loans granted to the United States is estimated at 30 billion.Placed under public guardianship, Fannie Mae and Freddie Mac have so far cost $ 170 billion to American taxpayers.
The FHFA was assessed for each of the banks in the dollar amount of securities sold to two giants of credit (see box). In total, nearly $ 200 billion of securities that were sold. Most involved, the JPMorgan U.S. (United States) would have sold itself for more than $ 33 billion of securities. Societe Generale for its part would have yielded $ 1.3 billion.
"Fannie and Freddie knew"
The complaint of the Federal Agency is expected to lead to negotiations and a financial agreement to avoid a trial. In all cases, the procedure could be very expensive institutions in question, particularly in the largest U.S. bank by assets, Bank of America.The group should in fact not only defend his own actions, not the worst according to the FHFA, but also the mortgage lender Countrywide and investment bank Merrill Lynch, bought in 2008 make quick cash. Last June, the U.S. bank said it had agreed to pay $ 8.5 billion to end the prosecution of several investors and intended to spend an additional provision of $ 5.5 billion to clear the situation with Freddie Mac and Fannie Mae. The Wall Street Journal fell when it was the agreement to compensate the largest ever signed. The group also announced on the night of Friday to Saturday it plans to reduce its workforce by 10%, equivalent to the elimination of 30,000 positions.
The defensive line of Bank of America today is that Fannie and Freddie knew very well what they were doing."They said they understand the risks" and "now seek to hold other market operators to be responsible for their losses," the group said in a statement.
Regarding the French bank Societe Generale, no figures were given, but the injury is considered "important" by the Federal Housing Finance.
Amount of securities sold by banks
1. JPMorgan (USA): more than $ 33 billion
2. Royal Bank of Scotland (UK): more than 30.4 billion
3. Countrywide (United States, Bank of America): about 26.6 billion
4. Merrill Lynch (United States, Bank of America): more than 24.9 billion
5. Deutsche Bank (Germany): more than 14.2 billion
6. Credit Suisse (Switzerland): over 14.1 billion
7. Goldman Sachs (USA): more than 11.1 billion
8.Morgan Stanley (USA): more than 10.6 billion
9. HSBC (UK): more than 6.2 billion
10. Ally (USA, formerly GMAC): over 6 billion
10. Bank of America (USA): over 6 billion
12. Barclays (UK): about 4.9 billion
13. Citigroup (USA): over 3.5 billion
14. Nomura (Japan): more than 2 billion
15. Societe Generale (France): nearly 1.3 billion
16. First Horizon (USA): 900 million
17. General Electric (USA, parent company of GE Capital): 550 million
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